Parkland announces acquisition of ConoMart Super Stores

CALGARY, Alberta, March 09, 2020 (GLOBE NEWSWIRE) -- Parkland Fuel Corporation (“Parkland”) (TSX:PKI) announced today that through its wholly owned U.S. subsidiaries (collectively, "Parkland USA"), it has entered into an asset agreement to acquire seven retail sites located in and around Billings, Montana. All seven retail sites feature a strong convenience store offering and a Conoco-branded forecourt.

“This acquisition expands our Montana business and scales our existing Northern Tier Regional Operating Center,” said Doug Haugh, President of Parkland USA. “ConoMart Super Stores is a well-run, customer-focused business and we look forward to welcoming the team to Parkland.”

Pro forma the acquisition, Parkland expects a modest increase in annual run-rate adjusted EBITDA for its USA operating segment. The transaction is expected to close in the second quarter of 2020 and is subject to customary closing conditions.

About Parkland
Parkland is an independent supplier and marketer of fuel and petroleum products and a leading convenience store operator. Parkland services customers across Canada, the United States, the Caribbean region and the Americas through three channels: Retail, Commercial and Wholesale. Parkland optimizes its fuel supply across these three channels by operating and leveraging a growing portfolio of supply relationships and storage infrastructure. Parkland provides trusted and locally relevant fuel brands and convenience store offerings in the communities it serves. 

Parkland creates value for shareholders by focusing on its proven strategy of growing organically, realizing a supply advantage and acquiring prudently and integrating successfully. At the core of our strategy are our people, as well as our values of safety, integrity, community and respect, which are embraced across our organization. 

Forward-Looking Statements
Certain statements contained in this news release constitute forward-looking information and statements (collectively, "forward-looking statements"). When used in this news release the words "expect", "will", "could", "would", "believe", "continue", "pursue", "pro forma" and similar expressions are intended to identify forward-looking statements. In particular, this news release contains forward-looking statements with respect to, among other things, the successful completion of this acquisition and the timing thereof; expected benefits of the acquisition, including potential synergies, organic growth and acquisition opportunities and the expected annual run-rate adjusted EBITDA of Parkland’s USA operating segment following the acquisition.